Wells Fargo & Company Has Lowered Expectations for Primoris Services (NYSE:PRIM) Stock Price

Primoris Services (NYSE:PRIM) had its target price cut by Wells Fargo & Company from $118.00 to $85.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 6.83% from the company’s current price.

A number of other analysts also recently issued reports on the stock. UBS Group decreased their price objective on shares of Primoris Services from $212.00 to $186.00 and set a “buy” rating for the company in a report on Monday, May 11th. Needham & Company LLC dropped their target price on shares of Primoris Services from $205.00 to $188.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Wolfe Research reissued an “outperform” rating and set a $149.00 target price on shares of Primoris Services in a research report on Monday, June 15th. KeyCorp reissued a “sector weight” rating on shares of Primoris Services in a research report on Tuesday. Finally, DA Davidson set a $180.00 price target on shares of Primoris Services in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $149.53.

Primoris Services Stock Down 26.6%

NYSE PRIM traded down $28.77 during trading hours on Tuesday, hitting $79.57. The company’s stock had a trading volume of 2,781,927 shares, compared to its average volume of 1,297,261. The company has a market capitalization of $4.32 billion, a PE ratio of 17.39 and a beta of 1.37. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. Primoris Services has a 52 week low of $65.00 and a 52 week high of $205.50. The company’s 50-day simple moving average is $130.63 and its two-hundred day simple moving average is $138.43.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the firm earned $0.98 earnings per share. Primoris Services’s revenue was down 5.4% compared to the same quarter last year. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Research analysts anticipate that Primoris Services will post 4.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider John M. Perisich sold 29,707 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $127.86, for a total transaction of $3,798,337.02. Following the sale, the insider owned 27,574 shares in the company, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David Lee King sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total value of $2,381,800.00. Following the sale, the director owned 14,941 shares in the company, valued at $1,779,323.69. The trade was a 57.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.10% of the company’s stock.

Institutional Trading of Primoris Services

Institutional investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB purchased a new stake in Primoris Services during the fourth quarter worth approximately $7,181,000. New York State Teachers Retirement System increased its stake in Primoris Services by 327.8% in the fourth quarter. New York State Teachers Retirement System now owns 20,892 shares of the company’s stock valued at $2,594,000 after purchasing an additional 16,008 shares during the period. Principal Financial Group Inc. increased its position in Primoris Services by 509.6% in the 4th quarter. Principal Financial Group Inc. now owns 336,713 shares of the company’s stock valued at $41,800,000 after acquiring an additional 281,482 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Primoris Services by 2,338.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company’s stock worth $39,033,000 after purchasing an additional 301,532 shares during the last quarter. Finally, UBS Group AG lifted its stake in shares of Primoris Services by 2.4% in the 4th quarter. UBS Group AG now owns 638,876 shares of the company’s stock worth $79,310,000 after acquiring an additional 15,112 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Primoris Services

Here are the key news stories impacting Primoris Services this week:

• Positive Sentiment: KeyCorp reaffirmed its “sector weight” rating on Primoris Services, signaling the stock still has some analyst support despite the recent setback. Benzinga / Tickerreport.com coverage
• Neutral Sentiment: Broader market weakness and lower U.S. stock futures may also be adding pressure to PRIM along with other stocks in Tuesday’s pre-market trading. Benzinga article
• Negative Sentiment: Primoris slashed 2026 guidance after identifying additional renewables cost overruns and delays, including a reduced EPS outlook of $2.05-$2.60 from $4.80-$5.00 and lower EBITDA expectations, which is the main reason the stock has been falling. Business Wire business update
• Negative Sentiment: Law firms and investors are now highlighting potential securities-related investigations tied to the company’s disclosures, which can further weigh on sentiment. GlobeNewswire investigation

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.